The UK should be at the heart of efforts to achieve international progress on tax transparency and accountability. Tax havens are estimated to cost poor countries at least $170 billion in lost tax revenues every year. They damage our own economy and economies across the world, and need to be addressed. I have raised this issue with the Government in the form of a written question, which you can view here.

I believe there needs to be reform based on the principle of complete openness and transparency. Multinational companies should make public how much they pay in tax on a country by country basis, so that a proper rate of tax can be applied. Many multinational companies make a significant contribution to research and development and through the employment they provide, but we expect all companies to meet fair tax responsibilities.